@natethebait6600 wrote:
Thank you, this is really helpful information @macuser_22! So to amend, I would just add the 1099-R I received to my 2019 return and leave it off of my 2020 return? I'm not sure I understand the last part about the excess contribution carrying to 2020. Would I need to change my total contribution to $6,000 on my 2019 return as well?
Unless there was Federal tax withheld (there should not have been) in box 4, do not even enter it on the 2020 return.
"I'm not sure I understand the last part about the excess contribution carrying to 2020."
If you transferred the 2019 data to the 2020 tax return then any outstanding 2019 excess would carry to 2020 on the IRA Information worksheet.
Since there is no taxable income and it will not chance your 2019 tax at all, just ignore it. The IRS does NOT want amended returns that do nothing.
"Would I need to change my total contribution to $6,000 on my 2019 return as well? " No because you actually DID contribute more than $6,000 - that is why you had an excess in the first place. You report the actual contribution, not what it should have been.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
